The year’s almost half gone, but I can only respond to a query when it’s made, so here goes: what were the changes to wills and probate laws in 2022?
Video Will Witnessing—you might remember this was some to do brought about by the pandemic—the government extended the period in which you could witness a will by video till 31st January 2024. If you ask me, that’s just courting trouble.
Trust Registration Service— From 1st September last, most UK trusts must be registered with the Trust Registration Service—a bit of bureaucratic nonsense to throw sand in the soup of everyday folk like you and me keeping our wealth in our family—just goes to show leaving your assets in trust is a worthwhile consideration.
Still on the matter of making it hard to keep your wealth, the inheritance tax threshold remains frozen at £325,000— it’s been this number since 2009.
Not quite the good news it appears, on the matter of excepted estates, but those dealing with excepted estates would no longer need to complete the IHT 205 form. For those who typically rely on this provision, to borrow a phrase from another context…if you’re not angry, you’re not paying attention.